SS.8.E.1. Understand the fundamental concepts relevant to the development of a market economy.
SS.8.E.1.1. Examine motivating economic factors that influenced the development of the United States economy over time including scarcity, supply and demand, opportunity costs, incentives, profits, and entrepreneurial aspects.
SS.8.E.2. Understand the fundamental concepts relevant to the institutions, structure, and functions of a national economy.
SS.8.E.2.1. Analyze contributions of entrepreneurs, inventors, and other key individuals from various gender, social, and ethnic backgrounds in the development of the United States economy.
SS.8.E.3. Understand the fundamental concepts and interrelationships of the United States economy in the international marketplace.
SS.8.E.3.1. Evaluate domestic and international interdependence.
FL.SS.8.FL. Financial Literacy
SS.8.FL.2. Buying Goods and Services
SS.8.FL.2.1. Explain why when deciding what to buy, consumers may choose to gather information from a variety of sources. Describe how the quality and usefulness of information provided by sources can vary greatly from source to source. Explain that, while many sources provide valuable information, other sources provide information that is deliberately misleading.
SS.8.FL.2.2. Analyze a source’s incentives in providing information about a good or service, and how a consumer can better assess the quality and usefulness of the information.
SS.8.FL.3.1. Explain that banks and other financial institutions loan funds received from depositors to borrowers and that part of the interest received from these loans is used to pay interest to depositors for the use of their money.
SS.8.FL.3.7. Discuss the different reasons that people save money, including large purchases (such as higher education, autos, and homes), retirement, and unexpected events. Discuss how people’s tastes and preferences influence their choice of how much to save and for what to save.
SS.8.FL.4. Using Credit
SS.8.FL.4.1. Explain that people who apply for loans are told what the interest rate on the loan will be. An interest rate is the price of using someone else’s money expressed as an annual percentage of the loan principal.
SS.8.FL.4.2. Identify a credit card purchase as a loan from the financial institution that issued the card. Explain that credit card interest rates tend to be higher than rates for other loans. In addition, financial institutions may charge significant fees related to a credit card and its use.
SS.8.FL.4.3. Examine the fact that borrowers who use credit cards for purchases and who do not pay the full balance when it is due pay much higher costs for their purchases because interest is charged monthly. Explain how a credit card user can avoid interest charges by paying the entire balance within the grace period specified by the financial institution.
SS.8.FL.4.4. Explain that lenders charge different interest rates based on the risk of nonpayment by borrowers. Describe why the higher the risk of nonpayment, the higher the interest rate charged by financial institutions, and the lower the risk of nonpayment, the lower the interest rate charged.
FL.LAFS.68.RH. READING STANDARDS FOR LITERACY IN HISTORY/SOCIAL STUDIES 6–12
LAFS.68.RH.2. Craft and Structure
LAFS.68.RH.2.4. Determine the meaning of words and phrases as they are used in a text, including vocabulary specific to domains related to history/social studies.
LAFS.68.RH.2.5. Describe how a text presents information (e.g., sequentially, comparatively, causally).
LAFS.68.RH.4. Range of Reading and Level of Text Complexity
LAFS.68.RH.4.10. By the end of grade 8, read and comprehend history/social studies texts in the grades 6–8 text complexity band independently and proficiently.